Stronger pound and Euro will help buck remittance trend in Europe
’The stronger performance of both the Euro and the Pound will help boost remittance volumes from Europe by as much as 20%’ said Leon Isaacs Managing Director of the International Association of Money Transfer Networks (IAMTN). ’Both the pound and the dollar are at 6 month highs against the US dollar. When these currencies fell by up to 30% in 2008 we saw many customers holding on to their money in anticipation of better rates. This dramatically affect volumes and flowed through onto the bottom lines of a number of US based remittance companies. Now that the rates are better we anticipate that the amount sent will be increased.
’The fluctuations over the last few months have helped to educate consumers that exchange rates are as important as fees when it comes to sending money to family back home’ said Isaacs.
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